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Note: For
information specific to certain types of financial
institutions, see Financial
Service Providers Regulated in Alberta.
Index
How
can I find out if a financial institution is registered
in Alberta?
All credit unions,
loan and trust corporations, securities and mutual
fund agencies registered in Alberta are listed in
the Corporate Registry system (CORES) maintained
by Alberta Registries. CORES also contains information
on the type of company, its status, its method and
date of registration, its registered and records
address, its by-laws, its directors and its financial
statements. Contact Alberta
Government Services for more information about
CORES.
A list of credit unions,
loan and trust corporations operating in Alberta
can be found under the related area of the Financial
Service Providers Regulated in Alberta section
of this website. This list is for your convenience
only and while an effort is made to ensure its accuracy,
it is not the official register. Anyone wishing
to view the official register should contact a registry
office. Please consult your local phone directory
to find the registry located near you.
Credit unions, loan
and trust corporations that are not listed are not
regulated by our department. Transactions with companies
that are not listed may fall outside the Alberta
Loan and Trust Corporations Act or Alberta
Credit Union Act and consequently fall outside
of our jurisdiction. If so, our resources and legislation
may be unable to assist you in the event of any
difficulties you may have with that financial institution.
This is applicable to all financial institutions
whether they are operating over the Internet or
not.
A
list of links to other regulatory bodies is
provided for your convenience in the event that
the financial institution is regulated in another
Canadian jurisdiction. For federally incorporated
financial institutions, including banks, please
contact the Office
of the Superintendent of Financial Institutions.
Should
the person I am dealing with be licensed?
In general, as it relates
to the
- making of a deposit:
The person is not licensed but they must be an
employee of a deposit taking institution registered
in Alberta or a bank. Deposit brokers operating
in Alberta can arrange for the deposit to be made,
but they are not allowed to take the deposit in
their name. As such, they are not required to
be licensed.
- administration
of an estate: The person is not licensed but
they must be an employee of a trust corporation
registered in Alberta or services must be done
in a personal capacity as pursuant to the Trustee
Act.
- lending of funds:
- a loan's agent
at a regulated financial institution is not
licensed but action can be taken against the
financial institution registered in Alberta
or the bank;
- a mortgage broker
is licensed through the Real Estate Council
of Alberta;
- a loan broker
is not licensed; however certain sections
of the Fair Trading Act apply specifically
to them; and
- other lenders
are not licensed but their actions are still
subject to the general provisions of the Fair
Trading Act.
- sale of equity
type investments:
- Credit union
common/investment share. The person is not
licensed but they must be an employee of a
credit union incorporated in Alberta;
- Segregated funds.
Are insurance contracts and the person must
be licensed under the Insurance Act (see the
Insurance
section of this website);
- For all other
securities the person must be licensed under
the Securities Act (see the Alberta
Securities Commission website).
- sale of insurance:
- Travel or credit.
The person need not be licensed if they are
an employee of a financial institution registered
in Alberta, otherwise the person must be licensed
under the Insurance Act.
- All other insurance.
The person must be licensed under the Insurance
Act (see the Insurance
section of this website).
I
am winding up an estate. How do I find out
if there is money on deposit with a financial institution?
Is this share certificate worth anything?
If the deposit was
held with or share was issued by a credit union,
loan or trust corporation, we will be able to direct
you to the head office of the company, or give you
the new name of the amalgamated company or the liquidator
as appropriate. In the case of outstanding deposits
with a credit union, the Credit Union Deposit Guarantee
Corporation (CUDGC) also maintains a list of deposits
that have been unclaimed for more than 10 years.
Click here to visit the CUDGC
website.
Information regarding
the existence of other companies can be obtained
from the Corporate Registry Office in the province
of incorporation, various sites on the Internet
(Toronto
Stock Exchange,
Alberta Securities Commission's SEDAR, the company's
website), Bank
of Canada - unclaimed Balances, your local library
(newspapers, the "Financial Post Survey Books"
series) or your stock broker.
If the company is still
operating, then you will need to contact the transfer
agent for that company who will be able to tell
you what your options are.
Is
my deposit safe?
In general, regulation
creates a climate that minimizes the risk of loss
to depositors in the event of the failure of their
financial institution. However, should this situation
arise, deposits held with:
Not all financial products
are covered by compensation plans. Contact the financial
institution or the deposit guarantor before purchasing
a financial product for clarification regarding
what, if any, protection is afforded to the purchaser
and the terms, conditions or restrictions surrounding
that protection.
Is
this… a good investment?
Regulation is not a
guarantee of success for a financial institution.
In general, financial institutions operate to generate
a profit for their shareholders. Like all businesses,
they take business risks, which, in some cases,
may lead to financial difficulties and even to failure.
Deposit guarantees may afford you some protection
for your deposits, but may not provide protection
for all types of investments offered by the company.
Prior to making a financial
decision, investors are encouraged to obtain information
on the financial condition of the company and, where
appropriate, seek independent professional advice.
Financial institutions operating in Alberta are
required to file copies of their financial statements
and these are available through Registry Offices
in Alberta (please consult your phone directory).
Our role of maintaining
an efficient and fair regulatory environment, prevents
us from discussing the details of the financial
condition of individual financial institutions with
you and from advising whether a particular investment
opportunity is right for you.
Do
I have to provide the financial institution with
my personal information?
A financial institution
needs certain information for identification of
an individual to ensure that the request is from
an authorized person and in order to assess whether
to sell, and under what terms, a financial product
to you. Some information is also required to facilitate
the transfer of information with other agencies.
For example where interest income may be generated,
Canada Customs and Revenue Agency will require your
social insurance number; other information may be
required by the financial institution to obtain
third party verification of your credit information
from a credit bureau.
It is up to you to
determine what, if any, information to provide;
however withholding some information may impact
your ability to access a product. In the event that
you are asked for information that you do not wish
to give, ask the financial institution whether the
information is imperative to gaining access to the
product and whether or not there is some other means
for them to get the level of confidence they require.
Rules surrounding the
use / misuse of any information filed with the financial
institution are contained in legislation or industry
guidelines depending on the financial sector. Contact
our office if you require further assistance.
What
can I do if a financial institution refuses to…?
- cash a cheque?
Financial institutions have the right to decide
whether they will cash any cheque, including a
cheque issued by the government. They also have
the right to determine what proof of identification
is required from a customer to cash a cheque or
conduct other transactions.
Should the institution
decide to cash a government cheque, it is prohibited
from charging a service fee for doing so.
- open an account,
grant/renew my loan or mortgage? Financial
institutions determine their own policies and
guidelines regarding operating, business and credit
decisions. You may wish to consult further with
the financial institution to discuss your options.
While we do not have the authority to reverse
such decisions, we can ask the financial institution
to review your file to ensure the institution's
established procedures were followed.
With
regards to my credit rating…?
- What is a credit
bureau? These agencies maintain records on
anyone who has borrowed money or obtained credit.
These records will show how much was borrowed,
how much is outstanding and whether bills were
paid on time. They are regulated under the Fair
Trading Act of Alberta and, as such, the nature
of the information they can maintain is restricted.
A credit bureau does
not make the decision on whether to extend credit,
however a financial institution will often contact
a credit bureau to review the borrower's credit
history to determine whether he/she is creditworthy
and whether the loan is likely to be paid back.
The Fair Trading Act sets out the circumstances
under which someone can get access to the credit
report maintained by credit bureaus.
- What is in my
credit report? The Fair Trading Act
lists several credit bureaus that are allowed
to do business in Alberta; however, there are
two main credit bureaus: Equifax
Canada and Trans
Union of Canada. Most national and international
creditors are registered with both bureaus, so
the chances are good that whatever shows up on
one credit report will also appear on the other.
An individual has
a right to know what is contained in their credit
record and a free copy of your credit report must
be provided by the credit bureau on demand. The
requestor must provide proof of their identity
which usually consists of their full name, date
of birth, current and possibly past addresses,
social insurance number and possibly a daytime
telephone number, together with proof of identity
(usually a copy of two pieces of signed identification).
Should the report
contain any errors, an individual may file a protest
with the credit bureau. On receipt, the bureau
must take steps to verify the correction and advise
any recent recipients of the report of the error.
An individual may also have an explanation added
to their file providing information regarding
the circumstances surrounding an item in their
file.
What
fees/ rates…?
Financial institutions
determine their own policies with respect to their
day-to-day operations, including the level of fees
for their services. Financial institutions are required
to disclose their service fees at the time an account
is opened or loan documentation prepared and to
advise customers about new service charges or changes
to existing service charges.
Consumers should compare
the services and related fees of various financial
institutions, and choose the institution that best
suits their needs.
What
can I do in the event of any unauthorized withdrawal
from my account?
Contact your financial
institution to inform them of the withdrawal and
to get a copy of the documents supporting the withdrawal.
You may wish to put a stop order on the account
to prevent any further withdrawals until such time
as the issue is resolved.
I
need more information, or I want to file a complaint
regarding ...
Credit
Unions, Loan and Trust Corporations - Contact
Information
The Alberta Superintendent
of Financial Institutions division can offer guidance,
assist consumers in resolving complaints about financial
institutions operating in Alberta, and respond to
general inquiries about laws or practices governing
financial institutions.
If you require information
regarding the directors of the company, this information
is also available for:
- Alberta registered
corporations, through authorized registry agents,
or
- non-Alberta registered
corporations, from that regulatory body (see Financial
Institutions Links - Other Related Regulatory
Bodies).
As our department does
not regulate all types of financial institutions,
we can only take action against companies and individuals
who have violated provisions of the Credit Union
or Loan and Trust Corporations Acts.
If your complaint
or concern deals with issues outside
of the Credit Union or Loan and Trust Corporations
Acts, we may be able to direct you to an agency
that may be able to help you. At your request, we
will forward any information you have filed with
us to that agency. However, any subsequent correspondence
related to that matter should be routed directly
to their attention. See our Privacy
Statement.
If your complaint
or concern deals with issues under
the Credit Union or Loan and Trust Corporations
Acts, we ask that you first try to resolve it
directly with the financial institution. The first
person to contact would be the branch manager. If
you were not satisfied with the response, the next
step would be to contact someone in the company's
complaint resolution centre or head office. If you
are unable to do so or need assistance in contacting
the appropriate person, we can provide you with
a contact name and telephone number.
Should the complaint
still not be resolved to your satisfaction, a formal
complaint can be filed at our office. No special
forms are required, just
mail, e-mail or fax a letter to us identifying
the financial institution(s) about which you have
the complaint, explaining the nature of your problem
and what resolution you are seeking. Do not forget
to give us YOUR name, address, and a telephone number
where you can be reached during the day.
Complaints are kept
confidential, (see below and Privacy
Statement), but we must be able to contact you
for verification of details or more information.
We may also request that you provide additional
documentation (such as letters, cancelled cheques,
or other documents) to give more detail to your
complaint, if necessary. Therefore, we do not take
action on complaints that are made anonymously.
When we receive your
written complaint, we will research your complaint
and contact the financial institution for their
explanation of what happened. If you do not want
your identity disclosed to the financial institution,
it may be difficult to resolve your problem, but
we will make every effort to assist you. We
will notify you after the financial institution
responds.
Where the complaint
stems from factual or contract disputes between
the financial institution and the customer, we may
suggest that you seek legal counsel. Only a court
of law can award damages. Please note that if you
have already proceeded with litigation against the
company and/or agent we will not be able to assist
you until the litigation has been completed and
the court has found misconduct on the part of these
parties.
We do not disclose
your information to anyone outside the office of
the Alberta Superintendent of Financial Institutions,
except where compelled by law or in connection with
a criminal investigation (as explained below) or
unless you are making an inquiry or request or filing
a complaint that warrants supervisory or other attention.
If you file a complaint, some or all of your information
may need to be shared with others such as our examiners
and our attorneys; other federal or provincial agencies
responsible for administrating, enforcing or investigating
known or suspected violations of laws or rules;
and the affected financial institution to address
your concern.
Alberta
Treasury Branches (ATB Financial) - Contact
Information
Contact your ATB Branch
Manager or the Customer Contact Centre at 1-800-332-8383.
Should you require additional assistance, contact
the Manager of Service Excellence by telephone at
1-866-858-4175 or by fax at (780) 408-7276.
You can also contact them via the ATB
Financial website.
In the event that you
remain dissatisfied with the outcome, you may call
the Office of the Ombudsman for an independent review:
- Edmonton at (780)
427-2756 or by fax at (780) 427-2759; or
- Calgary at (403)
297-6185 or by fax at (403) 297-5121.
Federal
Banks, Loan, Trust and Insurance Companies -
Contact Information
Contact the Office
of the Superintendent of Financial Institutions.
Insurance
Companies - Contact Information
Please visit
the Insurance section of this website, or click
here for Alberta
Superintendent of Financial Institutions contact
information.
Loan
Brokers - Contact Information
Contact the Consumer
Information Centre of Alberta
Government Services:
- E-mail: government.services@gov.ab.ca.
- Telephone:
(780) 427-4088, toll free at 1-877-427-4088 or
toll free 310-0000 from anywhere in Alberta. Outside
Alberta, call long distance (780) 427-2711.
- Fax: (780)
422-9106 or (403) 297-4270
- Mail:
- North Field
Services 3rd Floor, Commerce Place
10155 - 102 Street Edmonton AB T5J 4L4; or
- South Field
Services 3rd Floor, Centre 70301, 7015 MacLeod
Trail S, Calgary AB T2H 2K6
Mortgage
Brokers - Contact Information
Contact the Real
Estate Council of Alberta:
- Telephone:
(403) 228-2954 or (toll free in Alberta) 1-888-425-2754
- E-mail: recainfo@reca.ab.ca
- Fax: (403)
228-3065
- Mail:
Real Estate Council of Alberta,
# 340 - 2424 - 4 St SW, Calgary AB T2S 2T4
Pension
Plans - Contact Information
Please visit
the Pensions section of this website, or click
here for Alberta
Superintendent of Financial Institutions contact
information.
Securities
- Contact Information
As related to:
- securities issued
by credit unions and deposits or GIC's of loan
and trust corporations, and segregated funds,
contact the Alberta
Superintendent of Financial Institutions.
- all other securities,
contact the Alberta
Securities Commission:
- Email:
Inquiries@seccom.ab.ca
- Telephone:
(780) 427-5201 or (403) 297-6454 or toll free
dial 310-0000 from anywhere in Alberta. Outside
Alberta, call long distance (780) 427-2711.
- Fax:
(780) 422-0777 or (403) 297-6156
- Mail:
Alberta Securities Commission
20th Floor, 10025 Jasper Avenue
Edmonton, AB T5J 3Z5; or
Alberta Securities Commission
4th Floor, 300 - 5th Avenue S.W.
Calgary, AB T2P 3C4
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